ArcelorMittal Steel Group sells its part of ArcelorMittal USA to the American iron ore producer Cleveland-Cliffs. The deal has a value of 1.4 billion dollars and is paid in shares and cash.
Cleveland-Cliffs acquired, inter alia, six steelworks and eight finishing facilities and coal and mining activities throughout the United States. ArcelorMittal’s various collaborations, including the Japanese Nippon Steel, are also in progress.
ArcelorMittal USA also has a company value of USD 3.3 billion, including debt and pension liabilities. ArcelorMittal continues to provide services to its customers through Canada and Mexico. AM / NS Calvert, the collaboration of ArcelorMittal with Nippon Steel in Alabama, is not in any other hands. Furthermore, the company’s innovation centres are not sold.
Last year, ArcelorMittal USA had a turnover of $ 9.9 billion. The transaction is likely to be concluded in the fourth quarter. In conjunction with the sale, ArcelorMittal, the largest steel group in the world, begins a stock purchase program of USD 500 million.
The buyer, Cleveland-Cliffs, was founded in 1847. The group supplies raw materials to the steel industry, but also produces steel products. Last year, steel producer AK Steel took over for just over a billion dollars. Cleveland-Cliffs has its headquarters in Cleveland, Ohio. There are about 11,000 people working for the company in the United States and Canada.